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  • Zee Faces Accounting Debacle

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    goingbad2000
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    Sebi uncovered a $240 million hole in Zee Entertainment's accounts as part of its investigation into the company's founders, which is ten times more than initially anticipated. This is another blow after Zee's merger with Sony fell through last month. The accounting issue and barred founders have caused Zee's financial position to deteriorate as the CEO tries to reassure investors following the failed merger and controversy over funds transferred for personal gain.

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    Sebi uncovered a $240 million hole in Zee Entertainment's accounts as part of its investigation into the company's founders, which is ten times more than initially anticipated. This is another blow after Zee's merger with Sony fell through last month. The accounting issue and barred founders have caused Zee's financial position to deteriorate as the CEO tries to reassure investors following the failed merger and controversy over funds transferred for personal gain.

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    6 views1 page

    Zee Faces Accounting Debacle

    Uploaded by

    goingbad2000
    Sebi uncovered a $240 million hole in Zee Entertainment's accounts as part of its investigation into the company's founders, which is ten times more than initially anticipated. This is another blow after Zee's merger with Sony fell through last month. The accounting issue and barred founders have caused Zee's financial position to deteriorate as the CEO tries to reassure investors following the failed merger and controversy over funds transferred for personal gain.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    ZEE FACES ACCOUNTING DEBACLE

    Sebi has uncovered as part of its investigation into Zee founders a hole of more
    than $240 million in the account of Zee Entertainment Limited. This has been
    another blow as less than a month ago their deal to merge with Sony Group
    Corp’s local unit fell through. The amount could exceed the initially reported
    number after SEBI interviews the executives. The amount is ten times more
    than anticipated by SEBI.
    This has piled up on the CEO as he has had to reassure investors woes after the
    merger failing which was 2 years in the making. Due to the controversy an order
    barred the founders in August from holding executive or director positions as
    they had taken advantage of their position and transferred funds for their
    personal gain. This has caused the financial pulse of Zee to deteriorate.

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